Talk about how the liberalization and globalization of policies have affected the Indian economy, specifically mentioning capital flows, technological transfer, and international trade. (200 Words) [UPPSC 2022]
Modernization can have both positive and negative effects on underprivileged people and indigenous communities. Positive Effects: 1. Access to Services : Modernization often brings improved access to healthcare, education, and infrastructure, which can benefit marginalized communities. 2. Economic ORead more
Modernization can have both positive and negative effects on underprivileged people and indigenous communities.
Positive Effects:
1. Access to Services : Modernization often brings improved access to healthcare, education, and infrastructure, which can benefit marginalized communities.
2. Economic Opportunities : New technologies and industries can create job opportunities and boost local economies.
Negative Effects:
1. Cultural Erosion : Rapid changes can threaten traditional practices, languages, and cultural identities of indigenous communities.
2. Economic Displacement : Modernization can lead to the displacement of communities from their land due to development projects or resource extraction.
3. Social Inequality : Benefits of modernization may not be evenly distributed, potentially exacerbating existing inequalities.
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Effects of Globalisation and Liberalisation Policies on the Indian Economy 1. Foreign Trade: Globalisation and liberalisation have significantly impacted India's foreign trade. The 1991 economic reforms marked a shift from a protectionist stance to an open market approach. This led to: Increased ExpRead more
Effects of Globalisation and Liberalisation Policies on the Indian Economy
1. Foreign Trade: Globalisation and liberalisation have significantly impacted India’s foreign trade. The 1991 economic reforms marked a shift from a protectionist stance to an open market approach. This led to:
2. Capital Flows: Liberalisation facilitated greater capital mobility, impacting the Indian economy in several ways:
3. Technology Transfer: Globalisation accelerated technology transfer and innovation:
Conclusion: Overall, globalisation and liberalisation have positively transformed the Indian economy by enhancing foreign trade, boosting capital flows, and facilitating technology transfer. However, they also pose challenges such as economic volatility and increased competition, which require careful management and policy adjustments.
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